Sharma is in Russia this week to take part in the India-Russia Forum on Trade and Investment, which will be held in St Petersburg. Source: Photoshot
India’s Commerce and Industry Minister Anand Sharma will request Russia to remove entry barriers for Indian generic drug makers in Russia, The Hindu Business Line said on its website. Sharma will request Russia’s Minister for Industry and Trade Denis Manturov and Minister for Economic Development Alexei Ulyukayev to speed up the registration process of pharmaceutical products, the paper said, citing an Indian Commerce Department official.
The registration procedure can take up to two years and costs around $200,000. The share of Indian generics in the Russian market stood at 2.87 percent in 2012. “Since we are one of the largest producers of cheap, high-quality generics, and supply to many developed countries, including the US and EU nations, there is no reason why we cannot supply larger quantities to Russia,” the official told the newspaper. According to the report, Sharma is expected to impress on the Russian authorities to expedite the signing of a draft MoU for fast-tracking the registration process.
Sharma would also focus on possible joint ventures between pharmaceutical companies, the paper said. “Russia wants to produce at least 50 per cent of the drugs it consumes, up from the present 20 per cent under its 2020 Programme. Indian producers can contribute to this by getting into joint ventures,” the Hindu Business Line quoted the official as saying.
Sharma is in Russia this week to take part in the India-Russia Forum on Trade and Investment, which will be held in St Petersburg.
Earlier this month, Nikolay Bespalov, Director of Pharmexpert, told RIR that Indian companies could get a larger market share in the generic drug segment by localisation in Russia. This would include building a new plant, production on contract basis, joint-ventures or licensing agreements.
Among Indian drug manufacturers that are considering such localisation opportunities are Dr Reddy's Laboratories, one of the largest Indian exporters in the Russian market, Glenmark with its Russian subsidiary Glenmark Impex and Ranbaxy Laboratories Ltd, which is discovering opportunities in Yaroslavl's pharmaceutical cluster.
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